← Neo-Concept International Group Holdings Ltd
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Net income | — | — | — | $5.5m | $12.4m | $4.4m | $8.1m | $332k | |
| Net earnings | $128.6m | $137.6m | $94.5m | ($237.6m) | $194.5m | $144.7m | $236.9m | $224.6m | |
| Depreciation of property and equipment | — | — | — | $136k | $11k | $33k | $685k | $1.7m | |
| Amortization of intangible assets | — | — | — | $152k | $137k | $112k | $1.5m | $2.5m | |
| Depreciation and amortization | $78.7m | $94.7m | $125.9m | $145.1m | $177.4m | $202.5m | $221.6m | $256.0m | |
| Amortization of advisor loans | $17.1m | $20.4m | $20.9m | $22.7m | $27.4m | $33.8m | $41.2m | $45.0m | |
| Deferred tax expense | — | — | — | — | — | $8k | $713k | $1.1m | |
| Deferred tax | $6.1m | ($6.7m) | ($13.2m) | ($37.5m) | ($26.0m) | ($9.9m) | ($30.5m) | ($16.0m) | |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | — | — | — | — | $1.4m | $23.2m | $21.1m | — | |
| Inventory provision | — | — | — | — | — | $69k | $24k | $28k | |
| Provision for (reversal of) expected credit loss | $6.9m | $5.4m | $15.3m | $8.7m | $5.5m | $1.4m | $1.3m | ($2.1m) | |
| Accounts receivable | ($54.2m) | ($74.5m) | — | ($29.7m) | $19.4m | ($23.4m) | ($3.1m) | $29.1m | |
| Prepayment, other receivables and other current assets | ($9.0m) | ($16.1m) | — | — | — | ($14.3m) | ($12.9m) | ($6.5m) | |
| Tax recoverable | — | — | — | — | — | — | ($995k) | $995k | |
| Inventories | — | — | — | $646k | ($620k) | ($4.1m) | $1.7m | ($8.1m) | |
| Accounts payable | — | — | — | $32.6m | ($74.2m) | ($10.4m) | — | — | |
| Accruals and other payables | — | — | — | ($77k) | $921k | $963k | $4.1m | $1.9m | |
| Tax payable | $6.8m | ($8.4m) | — | $1.7m | $3.0m | ($4.0m) | ($544k) | $310k | |
| Cash (used in) generated from operating activities | $257.5m | $310.8m | $166.5m | $10.3m | ($42.8m) | ($49.2m) | $428k | $21.4m | |
| Purchase of property and equipment | ($35.6m) | ($44.2m) | ($40.4m) | ($78k) | ($74k) | ($1.3m) | ($4.1m) | ($4.0m) | |
| Purchase of intangible assets | — | — | — | — | — | — | ($15.0m) | — | |
| Cash used in investing activities | ($628.1m) | ($218.3m) | ($113.5m) | ($78k) | ($74k) | ($1.3m) | ($19.2m) | ($4.0m) | |
| Proceeds from bank borrowings | — | — | — | $243.1m | $508.7m | $115.0m | $222.5m | $67.2m | |
| Repayment for bank borrowings | — | — | — | ($220.4m) | ($452.4m) | ($168.6m) | ($226.1m) | ($89.6m) | |
| Proceeds from initial public offerings | — | — | — | — | — | — | $65.6m | — | |
| Repayment to related parties | — | — | — | ($31.6m) | ($6.3m) | — | ($40.1m) | ($47.3m) | |
| Repayment from related parties | — | — | — | $31.6m | $6.3m | $16.3m | $40.1m | $47.3m | |
| Advance from related parties | — | — | — | — | — | $84.9m | — | $46.8m | |
| Cash generated from (used in) financing activities | $395.2m | ($101.0m) | $1.0m | ($9.2m) | $50.0m | $47.5m | $21.9m | ($22.8m) | |
| Interest received | — | — | — | $1 | $1 | $93k | $32k | — | |
| Gains attributable to mortgage servicing rights | — | — | ($17.1m) | ($29.2m) | ($17.4m) | ($17.7m) | ($15.4m) | ($31.2m) | |
| Gains attributable to the fair value of mortgage premiums and origination fees | — | — | ($38.5m) | ($48.8m) | ($16.6m) | ($16.3m) | ($13.0m) | ($24.2m) | |
| Equity earnings from non-consolidated investments | ($1.3m) | ($2.1m) | ($2.9m) | ($6.2m) | ($6.7m) | ($5.1m) | ($7.3m) | ($12.5m) | |
| Stock option expense (note 20) | $6.4m | $7.8m | $9.6m | $14.3m | $21.9m | $27.1m | $46.0m | $55.6m | |
| Contingent consideration (note 7) | $10.2m | $22.8m | $29.7m | $48.0m | $53.9m | $32.9m | ($53.7m) | ($12.9m) | |
| Other | $1.4m | $3.1m | $2.8m | ($97k) | $19.5m | $23.6m | $18.4m | $11.7m | |
| Increase in accounts receivable, prepaid expenses and other assets | — | ($89.2m) | $49.0m | ($322.3m) | ($469.1m) | ($203.7m) | ($210.0m) | ($211.8m) | |
| Increase in accounts payable, accrued expenses and other liabilities | $14.2m | ($15.7m) | ($13.9m) | $153.1m | $39.2m | $9.0m | $16.1m | ($44.6m) | |
| Increase (decrease) in accrued compensation | $36.9m | $16.6m | ($78.6m) | $246.3m | ($85.5m) | ($70.4m) | $63.2m | $75.0m | |
| Contingent acquisition consideration paid | ($4.4m) | ($8.9m) | ($18.2m) | ($18.0m) | ($69.2m) | ($39.1m) | ($3.4m) | ($7.4m) | |
| Proceeds received on sale of mortgage loans | — | — | $1.2b | $2.6b | $1.1b | $1.1b | $1.0b | $2.1b | |
| Principal funded on originated mortgage loans | — | — | ($1.4b) | ($2.5b) | ($973.5m) | ($1.3b) | ($900.2m) | ($2.2b) | |
| Increase (decrease) in mortgage warehouse credit facilities | — | — | $193.2m | ($55.1m) | ($138.6m) | $144.5m | ($96.1m) | $60.6m | |
| Sales to (purchases from) AR Facility, net (note 15) | — | $125.0m | ($27.4m) | ($98.1m) | $171.3m | $31.2m | $1.0m | ($157k) | |
| Advisor loans issued | ($23.7m) | ($21.5m) | ($14.7m) | ($35.6m) | ($55.6m) | ($75.2m) | ($58.4m) | ($78.7m) | |
| Purchases of warehouse fund assets | — | ($94.2m) | ($84.4m) | ($31.1m) | ($161.0m) | ($122.6m) | ($319.2m) | ($159.5m) | |
| Proceeds from disposal of warehouse fund assets | — | — | $178.6m | $10.1m | $137.6m | $74.6m | $76.4m | $94.5m | |
| Equity co-investment contributions (note 16) | — | — | — | — | — | ($4.5m) | ($23.0m) | ($15.5m) | |
| Collections of AR facility deferred purchase price (note 15) | — | $28.1m | $52.0m | $151.2m | $288.0m | $124.3m | $137.6m | $164.3m | |
| Increase in long-term debt | $985.8m | $585.4m | $616.1m | $597.3m | $1.6b | $925.0m | $1.9b | $1.3b | |
| Issuance of subordinate voting shares (note 18) | — | — | — | — | — | $0 | $286.9m | $0 | |
| Purchases of non-controlling interests' subsidiary shares, net | ($3.7m) | ($11.5m) | ($19.8m) | ($5.5m) | ($31.6m) | ($32.7m) | ($21.7m) | ($64.5m) | |
| Sale of non-controlling interests' subsidiary shares | $2.4m | $1.6m | — | — | — | — | $10.6m | $20.7m | |
| Proceeds received on exercise of stock options | $7.4m | $21.9m | $12.3m | $14.4m | $16.8m | $42.1m | $45.1m | $44.5m | |
| Loss on disposal of operations | — | — | — | $0 | $26.8m | $2.3m | $0 | — | |
| Repurchases of Subordinate Voting Shares | — | — | — | $0 | ($165.7m) | $0 | — | — | |
| Settlement of long-term incentive arrangement (note 22) | — | — | $0 | $375.7m | $0 | — | — | — | |
| Non-cash lease expense | — | — | $5.2m | $18.5m | $5.0m | — | — | — | |
| Issuance of senior notes (note 13) | $244.9m | — | $0 | $294.6m | $0 | — | — | — | |
| Issuance of convertible notes (note 13) | — | — | $230.0m | $0 | — | — | — | — | |
| Financing fees paid | ($3.2m) | ($1.3m) | ($7.6m) | ($1.4m) | — | — | — | — | |
| Contract assets | $3.9m | $1.4m | — | — | — | — | — | — | |
| Contract liabilities | $6.5m | ($6.6m) | — | — | — | — | — | — | |
| Other liabilities | $2.8m | $8.3m | — | — | — | — | — | — | |
| Disposition of business, net of cash disposed (note 3) | $17.3m | — | — | — | — | — | — | — | |
| Acquisitions of businesses, net of cash acquired (note 4) | ($586.2m) | ($80.6m) | ($205.6m) | ($60.8m) | ($1.0b) | ($60.3m) | ($517.2m) | ($262.2m) | |
| Other investing activities | $81k | ($5.9m) | $982k | ($25.3m) | ($6.8m) | $14.3m | ($14.2m) | $1.2m | |
| Repayment of long-term debt | ($800.0m) | ($644.7m) | ($779.2m) | ($819.9m) | ($700.2m) | ($832.9m) | ($1.7b) | ($1.1b) | |
| Dividends paid to common shareholders | ($3.9m) | ($3.9m) | ($4.0m) | ($4.2m) | ($13.1m) | ($13.5m) | ($14.7m) | ($15.2m) | |
| Other financing activities | — | — | — | ($1.4m) | ($3.2m) | ($917k) | ($3.9m) | ($201k) | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | |||||||||
| Effect of exchange rate changes on cash | ($6.1m) | ($3.5m) | $8.5m | ($10.4m) | ($33.3m) | — | — | — | |
| Net increase (decrease) in cash and cash equivalents | — | — | — | $1.0m | $7.2m | ($3.0m) | $3.2m | ($5.5m) | |
| Increase (decrease) in cash and cash equivalents | $18.5m | ($12.0m) | — | $1.0m | $7.2m | ($3.0m) | $3.2m | ($5.5m) | |
| Effect of foreign currency translation on cash and cash equivalents | — | — | — | — | — | — | $165k | ($1.4m) | |
| Cash and cash equivalents at the beginning of the year | — | — | — | $1.4m | $8.6m | $5.6m | $9.2m | $2.3m | |
| Net change in cash, cash equivalents and restricted cash | — | ($12.0m) | $62.5m | $247.7m | ($226.2m) | $20.0m | ($1.1m) | $38.9m | |
| Cash, cash equivalents and restricted cash, beginning of year | — | $127.0m | $115.0m | $177.5m | $425.3m | $199.0m | $219.1m | $218.0m | |
| Cash and cash equivalents, beginning of year | $108.5m | $127.0m | — | $1.4m | $8.6m | $5.6m | $9.2m | $2.3m | |
| Interest paid | ($18.9m) | ($31.9m) | ($35.7m) | ($2.9m) | ($6.1m) | ($6.1m) | ($3.3m) | ($1.3m) | |
| Distributions paid to non-controlling interests | ($18.9m) | ($31.9m) | ($35.7m) | ($51.5m) | ($62.9m) | ($77.4m) | ($71.6m) | ($70.8m) | |
| Tax (paid) refund | — | — | — | — | ($22k) | ($3.3m) | ($1.9m) | $81k |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.